New Competitors, New Technology Among Challenges Facing Financial Services Marketers
Resonate, the leading provider of consumer intelligence and insights for marketers, today announced the release of its new report, The Bank Marketers’ Playbook: Consumer Insights to Score Lasting Connections. The report outlines the challenges facing traditional consumer banks and provides an in-depth profile of consumers who are looking to switch financial services providers.
Because technology has so fundamentally transformed the banking business, consumers now want a different banking experience than they did in the past, Resonate found. As a consequence, more than 5.6 million Americans are thinking about switching banks. Powerful tech companies like Amazon, Google and Facebook are all looking at ways to offer financial services and incorporate consumer banking options into their business models.
“The consumer banking landscape is changing dramatically, and financial companies that want to thrive must focus squarely on their customers and what drives them,” said Ericka McCoy, Senior Vice President of Marketing for Resonate. “The unique consumer insights provided through the Resonate Platform paint a picture of a banking customer who wants more personalized services and technology, which is why some big tech companies are looking toward the consumer banking market.”
Resonate’s report found that the largest demographic of Americans looking to switch banks are women ages 25-34 with a household income range of $25,000 to $50,000. Forty-five percent of this audience have children, and 38 percent have a college degree or higher. These consumers say they want more convenient branch locations, better customer service, and better online and mobile banking services.
Resonate’s Artificial Intelligence (AI)-driven platform is a consumer intelligence industry first, applying science and technology toward the art of understanding the complexity of human motivations—the true why behind consumers’ decisions to buy, endorse or abandon. These deep consumer insights help drive growth and customer lifetime value through improved acquisition, expansion and retention programs. Resonate is the only insights platform that provides a continuously updated view of the consumer, as well as cross-channel engagement and ongoing analysis that helps marketers make better decisions and create unique customer experiences that drive growth.